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Very false. Nothing compares to the 1990s. Lets just look at releases for a 3 year stretch, it's absurd. New hardware: N64, Sega Dreamcast, Game Boy Color (Pokemon). Birth of esports (basically) with Starcraft and Half-Life. Essentially the FPS becoming a dominant genre which continues to this day (GoldenEye 007, Quake, etc.). 

1996 -
Super Mario 64
Resident Evil
Wave Race 64
Super Mario RPG
Quake
Tomb Raider
Mario Kart 64 (Japan)
NiGHTS into Dreams
Elder Scrolls II
The House of the Dead
Diablo
Street Fighter Alpha 2
Killer Instinct Gold
Crash Bandicoot
Virtua Fighter 3

1997 -
Final Fantasy VII
GoldenEye 007
Castlevania: Symphonia of the Night
Tekken 3
Star Fox 64
Diddy Kong Racing
Quake II
Star Wars Jedi Knight
Fallout
Turok: Dinosaur Hunter
Oddworld
Mortal Kombat 4
Blast Corps
Tomb Raider 2
Crash Bandicoot 2
Time Crisis 2

Street Fighter III

Gran Turismo

1998 -
Zelda: Ocarina of Time
Metal Gear Solid
Starcraft
Half-Life
Resident Evil 2
Baldur's Gate
Sonic Adventure
Banjo-Kazooie
Crash Bandicoot Warped
F-Zero X
Xenogears
Star Wars: Rogue Squadron
Marvel Vs. Capcom
Pokemon Red/Blue
Parasite Eve
Ridge Racer Type 4

Technological leaps were amazing too, in the span of like 4 years (1993) you went from like Star Fox (SNES) and Sonic the Hedgehog 3 to like Super Mario 64, Final Fantasy VII and even the leap from PS1/N64 to Sega Dreamcast (Soul Calibur, NFL 2K) was impressive. 

The arcades were still a thing (Street Fighter 2, Mortal Kombat, even later on things like Virtua Cop and Sega, Capcom, and Namco putting out tons of arcade bangers) and PC had its own distinct blockbusters (Half-Life, Starcraft, Quake, Civilization, Diablo, Baldur's Gate, etc. etc.). Industry was so much more vibrant and exciting, felt like every 2 years there was something amazing and new shaking up the entire industry. 

Last edited by Soundwave - 3 hours ago